Supporters of San Francisco’s Proposition B, the public-bank measure, declared victory Monday after later ballot counts reversed an election-night deficit, Mission Local reported. KQED’s Associated Press tally, updated at 7:01 p.m. PT on Nov. 10, showed the measure at 169,415 yes votes, or 52.6%, to 152,252 no, or 47.3%. The results remain unofficial until they are certified.
Why it matters: On election night the measure trailed by about 630 votes. Mission Local said it flipped on Nov. 5 as later ballots ran more in its favor, and that the campaign declared victory once only about 6,200 ballots were left to count. Proposition B would start a municipal finance corporation; it does not itself fund a bank.
The corporation would need a record of success, then a state banking charter and FDIC insurance, before it could become a full public bank, Mission Local reported. Potential capital could include federal funds, state grants and philanthropy. Mayor Daniel Lurie opposed the measure but did not actively campaign against it, the outlet said.
“Together we made history,” Misha Steier of the San Francisco Public Bank Coalition said in a statement. Supervisor Jackie Fielder, a longtime champion of the idea, said the city needs public institutions that can “invest in our communities.” Supervisor Chyanne Chen, who helped put the measure on the ballot, said a Democratic Congress might open new funding avenues. The figures are still unofficial; election officials have continued to release updates.